According to latest data released by the Central Statistics Office, India’s Consumer Price Inflation (CPI) for January stood at 7.65 percent.

This is the first time that the government has released nation-wide retail inflation data, since the new CPI was introduced in January 2011. The data showed that the price inflation in rural areas was recorded at 7.38 percent while it was at the level of 8.25 percent in urban areas.

The minister of state for statistics and programme implementation, Srikant Jena pointed that there had been a demand for a comprehensive consumer inflation rate. The office has said that it will release consumer price inflation data for both urban and rural areas every month.

The indices within the new CPI are available in Food, beverages and tobacco; Fuel and light; Housing; Clothing, bedding and footwear, and Miscellaneous. The CPI is 1 percent higher than the Wholesale Prices Index in the country.

The figure of 7.65 percent indicates that the price pressure is moderating in the country. India’s central bank, the Reserve Bank of India has already signaled that it is willing to reduce rates to boost economic growth in the country.